Exact to raise $8.2M, signs MAYO deal - Business First of Buffalo:

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million through a private stock sale and that it inkedr a licensing deal for exclusive rightsto cancer-diagnostic technologies developed by the for Medical Educatiomn and Research. The company said it had commencede on June 11 the saleof 4.31 milliojn shares of its common stock at a purchase price of $1.90 a share. Exact (Nasdaq: EXAS), basex in Marlborough, Mass., announced a plan to acquire the worldwide licensing rights to theblood - or stool-based cancer diagnosticas and screening technologies developeds the MAYO Foundation, which is based in Under the deals terms, Exact will: make upfront payments of $80,000 and a milestone fee of $250,000p upon the commencement of certain clinicall trials.
• pay a milestone fee of $500,00o0 if the approves any of the productsx covered bythe agreement. • pay a minimukm of $10,000 on the deal’s thirdc anniversary • pay a minimum royalty of $25,000 on the fourth anniversary of theagreemeny • support certain research projects to the tune of $500,000 — at a minimum — in the agreement’w first year. Exact is also obligated to grant MAYO two warrants topurchase 1.25 million shares of its commonh stock. The warrants have six-year terms and are exercisabl e at a priceof $1.9o0 per share, according to a regulatorhy filing.